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Biba guide to contingent commissions

Biba is launching an investigation service for members to help them manage potential conflicts of interests.

Brokers will be able to get individual guidance on how to deal with areas such as contingent commissions and corporate hospitality.

The move follows publication by Biba of general guidance for brokers on conflicts of interest. The document gives brokers advice on when a conflict can emerge and questions they should be asking to ensure they do not breach FSA rules.

Biba regulation and compliance manager Steve White said: "The FSA has not said you cannot have conflicts of interest. You just have to manage them - it is about systems and controls."

He added: "Should the FSA come knocking at your door you need to be able to demonstrate that you have in place rigorous internal policies and procedures for identifying and managing potential conflicts of interest and a mechanism for preventing them adversely affecting your customers."